Africa to see triple-digit growth in consumer spending – Report

Rising African countries are among the fastest-growing regions in consumer spending, according to data from the World Data Lab analyzed by EBANX, a global technology company specializing in payment services for rising markets.

The report disclosed that Egypt will accelerate growth by 167 percent, while the smaller economies, like Ethiopia, will grow by an impressive 429 percent in the next decade. Kenya (115 percent), Morocco (107 percent), Ghana (106 percent), and South Africa (42 percent) are also mentioned in the analysis.

“Of the rising markets shaping the future of consumption, Africa is often overlooked. However, the numbers tell a different story: the continent will be the second region to add more new consumers in 2024, 10 million, only behind Asia, making Africa the next frontier for digital commerce,” analyzes Wiza Jalakasi, Director of Africa Market Development at EBANX.

Read also: More naira, less value as inflation erodes N7.6tn consumer spending

This growth is tied to the digitalisation of the economy and payment innovations. In Africa, mobile money has been a game-changer, accounting for nearly half of Kenya’s digital commerce.

It said, “Alternative payment methods (APMs) like mobile money are expected to make up 63 percent of African digital commerce by 2025. However, challenges remain, including market fragmentation and a lack of interoperability.”

Jalakasi added that this transformation is vital for financial inclusion, as unbanked populations in countries like Egypt can now participate in digital commerce through apps and QR codes. Africa’s rising digital economy is a promising landscape for innovation and future growth.